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Adventure Holdings LLC, which operates 17 other family entertainment centers around the U.S., has signed a lease with an option to purchase the 35-acre water park.

The operators plan to make significant investments in The Beach, which will be renamed The Beach at Adventure Landing, before reopening in 2013.

This year's season pass holders will be contacted by the new operator with details about redemption of those passes for 2013 passes before next season's opening.

After The Beach closed, hundreds of consumers filed complaints with Attorney General Mike DeWine's office, saying they wanted refunds. In lieu of refunds, The Beach offered discounts and day passes to other local attractions, such as Kings Island and the Cincinnati Zoo.

According to the attorney general's lawsuit, the offers were not adequate substitutions, because they were not similar goods or services and they were not of equal or greater value to what the consumers ordered. Substitute offers must be acceptable to consumers.